... research finds analysts' published target prices have limited ability to predict future price. First, analysts might set their target prices in order to justify their Buy-Sell recommendations. Second, even when analysts derive their target prices using accepted valuation techniques, target prices can...

...Moritz Hiemann ABSTRACT Most business valuation formulas are designed for profitable firms experiencing constant growth, even though in practice firms tend to transition from loss-making, high-growth startups to mature, stable enterprises. This paper introduces a life-cycle valuation model...

...Peter Easton ABSTRACT Studies related to the measurement of accounting numbers have tended to focus on accounting as it relates to: changes in equity values; equity valuation; estimation of the cost of equity capital; and prediction of equity earnings. I propose...